FINANCIAL
PROTECTION
Overview of Plans
Life and AD&D insurance provide you and your beneficiaries the financial protection you need if you die or become injured or sick from an accident.
| Benefit | Details | |
|---|---|---|
| Basic Life and AD&D Insurance | All full-time employees are eligible for Basic Life1 and AD&D insurance, which is paid for by Peraton and will vary based on your fringe group. | |
| Voluntary Life Insurance | ||
| Employee | You can purchase Voluntary Life insurance from 1x to 7x your base pay, up to $2 million. If your election exceeds 3x or $500,000, you will be subject to medical underwriting and should complete an Evidence of Insurability (EOI) Form. | |
| Spouse | You can purchase coverage for your spouse or domestic partner in $10,000 increments, up to $500,000, as long as it does not exceed 100% of your voluntary coverage. Elections exceeding $50,000 will be subject to medical underwriting and you should complete an EOI Form. | |
| Children | You can purchase $10,000, $20,000, or $30,000 in life insurance for your dependent child(ren) (as long as you elect at least $10,000 in voluntary coverage for yourself). There are no underwriting requirements for children. | |
| Voluntary AD&D Insurance | ||
| Employee | You can purchase between 1x and 8x your base pay, up to $2 million. | |
| Spouse | You can purchase coverage for your spouse in $10,000 increments, not to exceed $500,000 or 100% of your own benefit. | |
| Children | You can purchase coverage for your children in $10,000 increments, not to exceed $100,000 or 100% of your own benefit. | |
1. Age reductions to life insurance coverage and premiums apply. At age 70, coverage is reduced by 35%; at age 75, coverage is reduced by 55%; and at age 80, coverage is reduced by 70%.
Review Your Beneficiaries
Be sure to review your beneficiaries for your life and AD&D insurance during the enrollment process to be sure they’re up to date.
